China border reopening kick-starts doubling of Standard Chartered wealth-management income in Hong Kong, executive says

Bank reports 3.5 times increase in mainland China residents opening accounts in Hong Kong in January and February, compared with same period in 2022

Sales of insurance to mainland visitors will return to the pre-Covid level in the second quarter, senior executive says

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Standard Chartered’s Exchange Square Branch is seen behind a bull sculpture outside the building that houses the Hong Kong stock exchange, in Central. Photo: Warton Li

Published: 9:00am, 6 Mar 2023

Standard Chartered, one of Hong Kong’s three note-issuing banks, saw its wealth management and insurance sales record substantial growth during the past two months as mainland visitors returned after cross-border travel resumed.

“The return of mainland visitors will boost our sales of insurance, funds, bonds and foreign exchanges to have double-digit growth this year,” said Stephen Man Wai-shing, head of consumer, private and business banking with Standard Chartered Hong Kong.

Man said the bank’s wealth-management income doubled in January, compared with December before the border reopened.

The bank is one among many firms that have found their businesses back on a growth track with the return of mainland customers after the border reopened on January 8, putting an end to a three-year pandemic slump.

Stephen Man Wai-shing, managing director and head of consumer private and business banking at Standard Chartered Bank (Hong Kong), pictured at the bank’s Causeway Bay offices on March 1, 2023. Photo: Jonathan Wong

According to the Hong Kong Tourism Board, the number of visitors to the city in January rose threefold to 498,689 from 160,578 in December. Last year, 604,564 people visited the city – a fraction of the 55.9 million tourists in 2019.